EPA's ethanol fuel decision to drive up food prices
Last Updated: 4:38 AM, October 17, 2010
Posted: 10:40 PM, October 16, 2010
With one in eight Americans on food stamps and food prices already on a tear, one would think the last thing an increasingly unpopular White House would be doing is putting in place policies that would raise costs at the checkout counter. Yet that's precisely what the Obama administration did this week in a move that will have big implications for your weekly grocery bill.
The move by the administration's Environmental Protection Agency involves ethanol, the once-hip, but now highly controversial, biofuel that has been backed by hundreds of billions in investment and subsidy dollars.
~~~>>Despite a long series of academic studies that show it takes more energy to create a gallon of the corn-based fuel than the energy it puts out, the ethanol lobby still packs plenty of punch. And despite concerns that the new blend will increase the emissions of some pollutants, the illusion that ethanol is America's ticket to energy independence remains a persistent part of the Green agenda.
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